Chronicles Of Depression 2.0: #249: WaMu 2
Let this sink into your brain for a moment.
They’re [J.P. Morgan] aquiring none of its [Washington Mutual] liabilities and all of its assets for a mere $1.9 billion dollars.
$1,900,000,000 divided by 5400 branches is approximately $351,851.85.
That’s an entire fucking branch of a commercial bank for less than the price of a one family semi-attached home in a middle class neighborhood in NYC! PLUS – they’re most definitely getting all their secured assets for pennies on the dollar as a bonus – no doubt worth billions!
Emphasis added by me.
OK, now do you see what the math is shaping up as?